Representation and Analysis of Multi-Stage Problems in R & D

A. G. Lockett and A. E. Gear
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A. G. Lockett: Manchester Business School
A. E. Gear: Manchester Business School

Management Science, 1973, vol. 19, issue 8, 947-960

Abstract: The paper describes a method of representing and analysing the multi-stage, dynamic nature of many types of research and development projects. The method makes use of a number of well-known techniques, decision trees, mathematical programming and simulation in combination. Each project which could form part of a laboratory portfolio is represented in a modified decision tree format called a "project tree," and the project trees are then considered in one analysis based on heuristics. The approach is demonstrated using a small illustrative example, and an industrial case study is described, giving attention to computational problems of size.

Date: 1973
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:19:y:1973:i:8:p:947-960

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